Qualcomm, the largest chip maker for mobile devices, has rejected the $130 billion acquisition proposal of Broadcom saying no one is better than it to lead the mobile devices ecosystem.
The US microchip giant Qualcomm has rejected a $130bn (£99bn) takeover offer from Broadcom, setting the stage for its industry rival to return with an even bigger offer.
If Broadcom makes a hostile bid, Qualcomm's governance rules would allow the rival to submit its own slate for the entire 11-member board by the December 8 nomination deadline.
Broadcom's proposal followed Tan's visit to the White House this month, where he met President Donald Trump and announced plans to move the tech company back to the United States from Singapore. The sources said Broadcom was preparing to submit a slate of directors by Qualcomm's December 8 nomination deadline. Its own board similarly thinks that the offer undervalues the company and NXPs shares were trading above Qualcomms offer. Qualcomm and Broadcom did not immediately respond to requests for comment. Broadcom is reportedly prepared to up its offer somewhat from its current level, although it's unclear how much higher they might be willing to go. Broadcom is so interested that it sent an unsolicited acquisition offer to Qualcomm last week.
Qualcomm chief executive Steven Mollenkopf said the California company remains confident of its future on its own
Qualcomm provides chips to carrier networks to deliver broadband and mobile data.
In Entwistle's view were Qualcomm to accept the acquisition offer it would increase its dependence on the smartphone market - at a time when it has been working to expand beyond smartphones, such as via a long-in-the-works acquisition of chipmaker NXP, which has a focus on car-related applications, security-based identification and IoT. Under the terms of the deal, shareholders of Qualcomm would get $60 in cash and $10 in Broadcom's stock for each share, which would be a 28% premium over the price of a Qualcomm share on November 2, 2017.
Shares of Qualcomm have been declining in value in the recent quarters, which is why Broadcom made its proposal.
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